FC HELD FOR BTB
PAYMENT ACCOUNT

FC Held for BTB Payment account is the portion of export earnings that an exporter saves as foreign currency for using BTB payment. Exporters who want to retain a portion of their export proceed in foreign currency for BTB payment can open FC Held for BTB Payment account.

FEATURES

  •   The Bank will utilize all such deposits as the Bank may deem appropriate in approved Shariah compliant modes of investments at its own discretion without any risk to the account holder.
  •   Depositors will not be shared with profit or loss earned from investment.
  •   Deposit can be made in foreign currency only
  •   The account holder will have the option of retaining maximum 50% repatriated of the export proceed in the ERQ account.
  •   Foreign exchange out of the retention quota may be maintained in FC accounts with the concerned ADs in US Dollar, Pound Sterling, Euro or Yuan upon realization of the export proceeds.
  •   Balances in these accounts may be used by the exporters for bonafide business purposes, such as business visits abroad, participation in export fairs and seminars, establishment and maintenance of offices abroad, import of raw materials, machineries and spares etc. without prior approval of Bangladesh Bank.
  •   Funds can be withdrawn locally in local currency or transfer to non-resident Taka accounts
  •   International VISA debit card against account balance is issued
  •   Fund can be used to make investment in term deposits.
  •   The life cycle of the account is perpetual
  •   The account shall not be allowed for overdrawn

Eligibility

  •   An exporter may open a foreign currency account with any AD (Authorized Dealer) branch of our bank in order to keep his foreign currency (earned from export) for Back to Back (BTB) Payment.
  •   Accounts may be opened by individuals, firms, and professionals involved in export, such as export of goods or services like outsourcing, BPO, business services, professional, research, and advisory services, etc., aligned with the relevant stipulations of Bangladesh Bank.

Mandatory

  •   Account opening form
  •   Signature card for signatory (ies)
  •   Two passport size photographs of account operator(s)
  •   Copy of National ID/Passport/Driving License of the owners of the company or individuals


Additional

  •   BASIS Certificate
  •   One copy of nominee's recent passport size photograph (Attested by the applicant)
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of Nominee
  •   Utility bill copy for proof of address
  •   Document related to source of fund
  •   KYC Form if necessary
  •   Proof of address (applicable for overseas address only) – copy of recent utility bill/bank statement. If the address proof document is not in Account holder’s name then applicant’s signature is required on the proof doc

Required Documents

Mandatory

  •   Account opening form
  •   Signature card for signatory (ies)
  •   Two passport size photographs of account operator(s)
  •   Copy of National ID/Passport/Driving License of the owners of the company or individuals
  •   Copy of updated Trade license
  •   Copy of IRC/ERC


Additional

  •   Board resolution for opening the account & its operations
  •   Trade License of last 3 years
  •   PIF & Photo ID of the directors, signatories & the persons holding 10% or more shares
  •   Partnership deed and registration certificate from registrar of firms (for Partnership businesses only)
  •   Memorandum of Article of Association and Certificate of Incorporation (for Limited Company only)
  •   Updated Form X and XII (for Limited company only)
  •   Renewed IRC/ERC Certificate
  •   BASIS Certificate
  •   One copy of nominee's recent passport size photograph (Attested by the applicant)
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of Nominee
  •   Utility bill copy for proof of address
  •   Document related to source of fund
  •   KYC Form if necessary
  •   VAT Registration Certificate If any
  •   Business Identification Number (BIN) If any
  •   Proof of address (applicable for overseas address only) – copy of recent utility bill/bank statement. If the address proof document is not in Account holder's name then applicant’s signature is required on the proof doc